Mauritius Budget Speech 2022-2023
Just like the rest of the world, Mauritius is trying to find its feet in the aftermath of the last 2 years which were largely dominated by the global pandemic. A high vaccination rate, standing at 76% of the population being fully vaccinated at the time of this article, as well as a wide-spread booster dose, has enabled the country’s economy to operate as normal as possible while respecting the mandatory sanitary precautions. The reopening of the borders in October 2021 also allowed the country to welcome visitors again, a much needed boost to the ailing tourism industry.
However along with the side-effects of the pandemic on the economy, both global and local, 2022 has also brought with it new challenges, such as the Russia-Ukraine war and China’s zero-Covid strategy which amongst others, are disrupting supply chains. The widespread increase in prices of important commodities such as oil and gas as well as food items, a worldwide phenomenon, is exercising tremendous pressure on the Mauritius economy and is fueling growing discontent among the people at large.
In these troubled times, the Honourable Dr Renganaden Padayachy, Minister of Finance, Economic Planning and Development had the delicate task of presenting the national budget on 7 June 2022.
While it was expected that the measures would be in continuity with the previous two budget speeches made by the Minister, most of the population were eagerly awaiting for measures that would alleviate the loss in purchasing power.
The budget, titled “With the People, for the People”, tried to meet those expectations with measures to boost the country’s self-sufficiency in terms of food and energy, the payment of a direct monthly income allowance to people earning a gross monthly income of up to MUR 50,000 and measures to alleviate the fiscal burden on low- and middle-income earners.
We are pleased to present the highlights of the Budget Speech 2022 / 2023 and wish you a pleasant reading!